Investment Process

The investment team seeks to capitalize on low-penetration opportunities by investing in companies that compound business value over a market cycle, while implementing a forward-looking construct for managing risk.

Business Value Compounding
The team seeks to invest in companies with the capital structures and business models to realize their domestic demand potential.

Foundational Risk Management
The team implements a forward-looking construct for managing risk by emphasizing differentiated correlation and currency profiles.

Calendar Year Returns (%)

2016

2017

2018

Investor Class: ARTYX

11.74

35.06

-15.68

MSCI Emerging Markets Index

11.19

37.28

-14.57

Returns for periods less than one year are not annualized.

Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown.

Risk Management— Upside/Downside Capture

As of 31 March 2019

Average Up Month

Average Down Month

Investor Class: ARTYX

365bps

-320bps

MSCI Emerging Markets Index

347bps

-370bps

Difference

18bps

+50bps

Based on monthly returns for ARTYX (Investor Shares) beginning with July 2015, the first full month since inception. Upside/Downside Capture represents average monthly returns during months when the index was positive and negative, respectively.

Ratings

Morningstar Overall RatingTM
As of 30 April 2019

Morningstar Analyst RatingTM
As of 30 April 2019

Morningstar Rating and Analyst Rating Disclosure

Star ratings are based on risk-adjusted returns. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-year, 5-year, and 10-year Morningstar Ratings metrics (Overall: 5 stars out of 712 funds; 3-years: 5 stars out of 712 funds in the Diversified Emerging Mkts category). View full Fund ratings.

The Morningstar Analyst Rating is a subjective evaluation performed by the mutual fund analysts of Morningstar. The Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what is described. View Important Disclosures below for further details.

International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Such risks include new and rapidly changing political and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihood of high levels of inflation, deflation or currency devaluations. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

Performance Source: Artisan Partners/MSCI. Data & Statistics Sources: Artisan Partners/FactSet/MSCI. Country Classification Source: Artisan Partners. Portfolio country classifications are defined by the investment team and may differ substantially from MSCI classifications. For the portfolio’s country breakdown according to MSCI methodology, refer to the Fund’s most recent portfolio holdings on the SEC
website. Artisan Partners may exclude outliers when calculating portfolio statistics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio statistics. For the purpose of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Cash weighting includes cash and cash equivalents. Totals may not sum due to rounding.

Median
is the data's midpoint value. Market Cap
is the aggregate value of all of a company's outstanding equity securities. Weighted Average
is the average of values weighted to the data set's composition.

MSCI Emerging Markets Index measures the performance of emerging markets. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

The Morningstar RatingTM
for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar's analysts use this five pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analyst's overall assessment and is overseen by Morningstar's Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar's global coverage universe.

The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a "Gold" rating distinguishes itself across the five pillars and has garnered the analysts' highest level of conviction. A fund with a 'Silver' rating has notable advantages across several, but perhaps not all, of the five pillars-strengths that give the analysts a high level of conviction. A "Bronze"-rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a 'Neutral' rating isn't seriously flawed across the five pillars, nor does it distinguish itself very positively. A "Negative" rated fund is flawed in at least one if not more pillars and is considered an inferior offering to its peers. Analyst Ratings are reevaluated at least every 14 months. View detailed information about Morningstar’s Analyst Rating, including its methodology .

This website is intended for persons in the United States only and should not be considered a solicitation or an offering to investors residing outside the United States. The Artisan Partners Funds are offered by prospectus. Carefully consider the Fund's investment objective, risks and charges and expenses. This and other important information is contained in the Fund's prospectus and summary prospectus, which can be obtained by calling 888 454 1770. Read carefully before investing.

Artisan Partners Funds offered through Artisan Partners Distributors LLC, member FINRA, a wholly owned broker/dealer subsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, is owned by Artisan Partners Holdings, LP. Artisan Partners Limited Partnership does not provide investment advice directly to shareholders of the Artisan Partners Funds. Materials on this website are informational only and should not be taken as investment recommendation or advice of any kind whatsoever (whether impartial or otherwise).